Currys has seen a boost in recent sales, driven by consumer interest in AI computing and a rush for air conditioning during the hot summer.
The electricals giant, operating over 700 stores, reported a 3% increase in revenues across the UK and Ireland for the 17 weeks leading up to August 30, compared to the same period last year. This uplift was partly fuelled by double-digit growth in new product lines, including health and beauty like LED face masks, and pet technology such as monitors and automatic feeders.
While strong performances were noted in gaming, AI computing, coffee machines, and cooling products, these gains were offset by declining sales of televisions, tablets, and air fryers.
Currys said the use of credit among its shoppers continued to climb to make up 23.3% of all purchases.
The retailer offers buy now, pay later credit plans for shoppers and makes money from interest payments if consumers do not pay back in full within an agreed timeframe.
It also said subscribers for its mobile network brand iD mobile jumped by more than a fifth year on year.
Within its Nordics region, revenues edged up by 2%, partly due to new ranges like robotic lawnmowers and vacuums.
Currys has been focused on improving the performance of its second biggest market in Nordic countries including Norway, Sweden and Denmark after it came under pressure in recent years.
Chief executive Alex Baldock said its “Nordics recovery continues to pick up pace”, adding that the company was “confident that profit margins will step forward again this year”.
He said: “It’s been a good start to the year, with encouraging performance across the group.
“In the UK and Ireland we’re pleased with the trajectory in our growth areas of new categories, B2B (business-to-business) and the services that are so valuable to customers and to Currys.
“Credit was notably strong and iD Mobile is on track to beat the 2.5 million subscriber target we set for this year.”
Currys said it was kickstarting a new £50 million share buyback programme as it stood by its earnings outlook for the year.
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